Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) Bundle
A Brief History of Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC)
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports in Mexico's Pacific region, including major cities such as Guadalajara and Tijuana, as well as tourist destinations like Puerto Vallarta and Los Cabos. The company was listed on the New York Stock Exchange under the ticker symbol "PAC" in February 2006 and on the Mexican Stock Exchange under "GAP." In April 2015, GAP acquired 100% of Desarrollo de Concesiones Aeroportuarias, S.L., which manages Sangster International Airport in Montego Bay, Jamaica. The company further expanded its operations by taking control of Norman Manley International Airport in Kingston, Jamaica, in October 2019.
Financial Performance (2024)
As of September 30, 2024, Grupo Aeroportuario del Pacífico reported the following consolidated financial results (in thousands of pesos):
| Financial Metric | 9M23 | 9M24 | Change (%) |
|---|---|---|---|
| Total Revenues | 24,092,516 | 23,986,658 | (0.4) |
| Aeronautical Services | 14,780,643 | 14,150,663 | (4.3) |
| Non-aeronautical Services | 4,544,249 | 5,521,018 | 21.5 |
| Operating Income | 11,683,794 | 11,217,114 | (4.0) |
| Net Income | 7,432,516 | 6,706,263 | (9.8) |
| EBITDA | 13,542,775 | 13,354,710 | (1.4) |
The company's total assets increased by Ps. 10,630.1 million to Ps. 79,235.4 million as of September 30, 2024, compared to the previous year. This growth was primarily driven by a Ps. 6,157.0 million increase in net improvements to concession assets and a Ps. 1,373.9 million rise in cash and cash equivalents.
Passenger Traffic and Operational Insights
During the third quarter of 2024, GAP experienced a decline in total passenger traffic, with a decrease of 923.2 thousand passengers, or 5.7%, compared to the same period in 2023. This decline was attributed to operational issues affecting airlines, particularly preventive reviews of Pratt & Whitney engines impacting fleets operated by Volaris and VivaAerobus.
Despite the decrease in passenger traffic, non-aeronautical revenues surged by 38.7% due to the consolidation of the cargo and free trade zone business at the Guadalajara airport, which began in July 2024. This segment contributed an additional Ps. 354.1 million to the company’s revenues.
Recent Developments
In September 2024, Grupo Aeroportuario del Pacífico issued long-term bond certificates amounting to Ps. 5,648.1 million aimed at capital investments and debt refinancing. The company also refinanced credit facilities with Citibanamex for Ps. 1,000.0 million and USD 40.0 million.
Stockholder's Equity
As of September 30, 2024, the stockholder's equity breakdown (in thousands of pesos) is as follows:
| Equity Item | 2023 | 2024 | Change (%) |
|---|---|---|---|
| Total Stockholder's Equity | 19,083,089 | 21,520,610 | 12.8 |
| Common Stock | 8,197,536 | 1,194,390 | (85.4) |
| Retained Earnings | 7,317,424 | 6,535,681 | (10.7) |
These figures reflect a significant change in the structure of the company’s equity, particularly due to a capital reduction initiative and the impact of comprehensive income fluctuations.
A Who Owns Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC)
Ownership Structure
As of 2024, Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) has a diversified ownership structure comprising both controlling and non-controlling interests. The major stakeholders include:
- Vantage Airport Group Limited: Holds a 25.5% stake in the Montego Bay Airport, which is classified as a non-controlling interest.
- Institutional Investors: Various institutional investors hold significant shares of the company, contributing to its public trading status.
- Public Shareholders: The remaining shares are widely distributed among public shareholders, reflecting a typical public company structure.
Current Shareholder Composition
The following table outlines the current composition of shareholders for Grupo Aeroportuario del Pacífico as of September 30, 2024:
| Shareholder Type | Percentage Ownership |
|---|---|
| Vantage Airport Group Limited | 25.5% |
| Institutional Investors | Variable (estimated at 40%) |
| Public Shareholders | 34.5% |
Financial Performance Overview
Grupo Aeroportuario del Pacífico reported key financial metrics for the first nine months of 2024, which reflect its operational performance and shareholder value:
| Metric | Amount (in thousands of pesos) | Change (% Year-over-Year) |
|---|---|---|
| Total Revenues | 23,986,658 | -0.4% |
| Aeronautical Services Revenue | 14,150,663 | -4.3% |
| Non-Aeronautical Services Revenue | 5,521,018 | 21.5% |
| Net Income | 6,706,263 | -9.8% |
| Comprehensive Income | 7,678,591 | 13.7% |
Recent Developments
In 2024, Grupo Aeroportuario del Pacífico has seen fluctuations in its financial results, primarily influenced by the following factors:
- Increased operational costs due to higher employee and maintenance expenses.
- Changes in passenger traffic, which has impacted aeronautical revenues negatively.
- Growth in non-aeronautical revenues driven by strategic initiatives and consolidation of cargo operations.
As of September 30, 2024, the total assets of Grupo Aeroportuario del Pacífico increased by Ps. 10,630.1 million compared to the previous year, reflecting growth in net improvements to concession assets and cash equivalents.
| Financial Position | Amount (in thousands of pesos) | Change (% Year-over-Year) |
|---|---|---|
| Total Assets | 79,235,361 | 15.5% |
| Total Liabilities | 57,714,751 | 16.5% |
| Total Stockholder's Equity | 21,520,610 | 12.8% |
These figures illustrate the company's financial health and its capacity to sustain operations amidst market challenges.
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) Mission Statement
Company Overview
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) operates 12 airports in Mexico and two airports in Jamaica. The company aims to provide safe, efficient, and high-quality airport services while contributing to the economic development of the regions it serves. As of 2024, PAC's mission statement emphasizes sustainability, innovation, and customer satisfaction as core values.
Financial Performance
For the third quarter of 2024 (3Q24), Grupo Aeroportuario del Pacífico reported the following financial highlights:
| Metric | 3Q23 | 3Q24 | Change (%) |
|---|---|---|---|
| Total Revenues | Ps. 7,070,740 | Ps. 7,426,707 | 5.0% |
| Operating Income | Ps. 3,647,758 | Ps. 3,219,618 | (11.7%) |
| EBITDA | Ps. 4,241,607 | Ps. 3,768,198 | (11.2%) |
| Net Income | Ps. 2,378,860 | Ps. 1,982,829 | (16.6%) |
Passenger Traffic
In 3Q24, total passenger traffic at PAC's 14 airports decreased by 923.2 thousand passengers, representing a decline of 5.7% compared to the same period in 2023. The decline in passenger traffic was attributed to preventive maintenance reviews on certain aircraft models, affecting airlines operating at PAC's airports.
Revenue Breakdown
The revenue composition for the nine months ending September 30, 2024 (9M24) is as follows:
| Source of Revenue | 9M23 (Ps.) | 9M24 (Ps.) | Change (%) |
|---|---|---|---|
| Aeronautical Services | 14,780,643 | 14,150,663 | (4.3%) |
| Non-aeronautical Services | 4,544,249 | 5,521,018 | 21.5% |
| Improvements to Concession Assets (IFRIC-12) | 4,767,624 | 4,314,977 | (9.5%) |
| Total Revenues | 24,092,516 | 23,986,658 | (0.4%) |
Operating Costs
Operating costs for PAC for the nine months ending September 30, 2024 (9M24) are detailed below:
| Cost Category | 9M23 (Ps.) | 9M24 (Ps.) | Change (%) |
|---|---|---|---|
| Costs of Services | 3,184,434 | 3,720,973 | 16.8% |
| Employee Costs | 1,273,009 | 1,522,994 | 19.6% |
| Maintenance | 478,061 | 555,642 | 16.2% |
| Safety, Security & Insurance | 503,020 | 602,508 | 19.8% |
| Utilities | 363,997 | 396,811 | 9.0% |
Debt and Financial Position
As of September 30, 2024, Grupo Aeroportuario del Pacífico reported total assets of Ps. 79,235.4 million, an increase of Ps. 10,630.1 million compared to the previous year. Total liabilities increased to Ps. 57,714.8 million, resulting in a net financial position that reflects ongoing investments in airport infrastructure.
Conclusion
Grupo Aeroportuario del Pacífico continues to focus on enhancing its operational efficiency and maximizing profitability through strategic initiatives while maintaining its commitment to sustainability and customer service excellence.
How Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) Works
Company Overview
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) operates 12 airports in Mexico's Pacific region, including key locations such as Guadalajara and Tijuana. The company also holds a majority stake in Sangster International Airport in Montego Bay, Jamaica. As of September 30, 2024, PAC's total assets amounted to Ps. 79.2 billion, reflecting a year-on-year increase of Ps. 10.6 billion or 15.5%.
Financial Performance
In the third quarter of 2024, PAC reported total revenues of Ps. 7.4 billion, a 5.0% increase compared to the same period in 2023. The increase was driven by a 21.5% rise in non-aeronautical services revenues, which reached Ps. 1.3 billion.
| Financial Metrics | 3Q23 (Ps.) | 3Q24 (Ps.) | Change (%) |
|---|---|---|---|
| Total Revenues | 7,070,740 | 7,426,707 | 5.0% |
| Aeronautical Services Revenues | 4,546,249 | 4,150,663 | (4.3%) |
| Non-Aeronautical Services Revenues | 1,194,167 | 1,298,239 | 8.7% |
| Operating Income | 3,647,758 | 3,219,618 | (11.7%) |
| Net Income | 2,378,860 | 1,982,829 | (16.6%) |
Passenger Traffic
During the third quarter of 2024, PAC experienced a decrease in passenger traffic by 5.7%, with a total of 15.3 million passengers compared to 16.2 million in 3Q23. This decline was attributed to operational disruptions related to fleet maintenance.
Operational Costs
Operating costs increased by 20.6% in 3Q24 compared to 3Q23, totaling Ps. 12.8 billion. This increase was largely due to rising costs associated with services and improvements to concession assets.
| Operating Costs Breakdown | 3Q23 (Ps.) | 3Q24 (Ps.) | Change (%) |
|---|---|---|---|
| Cost of Services | 3,184,434 | 3,720,973 | 16.8% |
| Employee Costs | 1,273,009 | 1,522,994 | 19.6% |
| Maintenance | 478,061 | 555,642 | 16.2% |
| Safety, Security & Insurance | 503,020 | 602,508 | 19.8% |
| Utilities | 363,997 | 396,811 | 9.0% |
Debt and Financing
As of September 30, 2024, PAC's total liabilities reached Ps. 57.7 billion, an increase of Ps. 8.2 billion or 16.5% compared to the previous year. The rise in liabilities was primarily due to the issuance of long-term bond certificates amounting to Ps. 6.1 billion.
Comprehensive Income
In the first nine months of 2024, PAC reported a comprehensive income of Ps. 7.7 billion, a 13.7% increase from Ps. 6.8 billion in the same period of 2023. This increase was largely driven by favorable foreign currency translation effects.
| Comprehensive Income Metrics | 9M23 (Ps.) | 9M24 (Ps.) | Change (%) |
|---|---|---|---|
| Comprehensive Income | 6,753,363 | 7,678,591 | 13.7% |
| Comprehensive Income per Share (Pesos) | 13.28 | 15.20 | 14.4% |
| Comprehensive Income per ADS (USD) | 8.02 | 9.18 | 14.4% |
Recent Developments
In July 2024, PAC consolidated the figures of the cargo and free trade zone business at the Guadalajara airport, which added Ps. 354.1 million to non-aeronautical revenues, significantly enhancing its revenue streams.
How Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) Makes Money
Aeronautical Services Revenue
As of 2024, Grupo Aeroportuario del Pacífico (PAC) generates significant revenue from aeronautical services. For the nine months ending September 30, 2024, aeronautical services revenue totaled Ps. 14,150,663, a decrease of 4.3% from Ps. 14,780,643 in the same period of 2023. This decline is attributed mainly to a 3.4% decrease in passenger traffic across its airports.
Non-Aeronautical Services Revenue
Non-aeronautical services have seen a substantial increase, with total revenues reaching Ps. 5,521,018 for the first nine months of 2024, up 21.5% from Ps. 4,544,249 in the previous year. This growth is driven by strategic initiatives, including the consolidation of the cargo and free trade zone business at Guadalajara airport, which contributed an additional Ps. 354.1 million.
Operating Costs
Total operating costs for PAC increased to Ps. 12,769,544 in the nine months of 2024, reflecting a rise of 2.9% from Ps. 12,408,721 in 2023. Key components of operating costs include:
| Cost Category | 9M23 (Ps.) | 9M24 (Ps.) | Change (%) |
|---|---|---|---|
| Costs of Services | 3,184,434 | 3,720,973 | 16.8% |
| Employee Costs | 1,273,009 | 1,522,994 | 19.6% |
| Maintenance | 478,061 | 555,642 | 16.2% |
| Safety, Security & Insurance | 503,020 | 602,508 | 19.8% |
| Utilities | 363,997 | 396,811 | 9.0% |
| Other Operating Expenses | 391,105 | 424,000 | 8.4% |
Financial Performance
In terms of financial performance, PAC recorded an income from operations of Ps. 11,217,114 for the first nine months of 2024, down 4.0% from Ps. 11,683,794 in 2023. The operating income margin decreased to 46.8% from 48.5% a year earlier.
EBITDA and Comprehensive Income
PAC reported an EBITDA of Ps. 13,354,710 for the first nine months of 2024, a slight decrease of 1.4% from Ps. 13,542,775 in the prior year. The EBITDA margin also reflected this trend, falling to 55.7% from 56.2%. Comprehensive income for the same period increased to Ps. 7,678,591, up 13.7% from Ps. 6,753,363 in 2023.
Debt and Financial Costs
PAC's financial results indicate a net expense of Ps. 2,316,875 for the nine months of 2024, an increase of 34.2% compared to Ps. 1,726,623 in 2023. This rise is primarily due to foreign exchange losses and increased interest expenses resulting from higher debt levels.
Passenger Traffic and Market Trends
During the third quarter of 2024, total passenger traffic at PAC's airports decreased by 923.2 thousand passengers, representing a decline of 5.7% compared to the same quarter in 2023. This downturn is linked to operational challenges faced by key airlines, affecting overall airport traffic.
Conclusion of Financial Overview
As of 2024, Grupo Aeroportuario del Pacífico continues to generate revenue through a diverse range of aeronautical and non-aeronautical services, while navigating challenges in operating costs and passenger traffic. Financial performance metrics indicate a mixed outlook, influenced by external market conditions and strategic business decisions.
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Article updated on 8 Nov 2024
Resources:
- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.